  |
|
|
ADLER Real Estate AG expands asset management activities
21/02/2008 – Press release
- Investment volume under management about EUR 200 million
- Foundations laid for growth in operations
- Not affected by the US subprime lending crisis
- Stock considerably undervalued
Hamburg, February 21, 2008. ADLER Real Estate AG, Hamburg, is consistently
expanding its asset management unit. Investment volume under management is
already around EUR 200 million. "This gives us a good foundation for the further
expansion of this unit" says Management Board Member Axel Harloff. "In the near
time, we aim to expand our investment volume to 500 million EUR." In addition to
asset management, the Company also maintains a property management business.
"Due to these activities and our work in various real estate development projects,
we have not been affected by the US mortgage crisis" stresses Harloff. "As a
result, it is incomprehensible to our shareholders and to us why our stock is so
undervalued at the moment." Based on earnings for the first nine months of 2007,
the stock currently has a price-earnings (PE) ratio of just 2 to 2.5.
This valuation does not take into account the expansion of the Company's asset
management and property management businesses, which provide a steady
stream of income for ADLER Real Estate AG, in addition to participating in the appreciation
of the properties through the frequent acquisition of minority stakes.
"This makes us stronger and, at the same time, less dependent on the performance
of the real estate development business" says Management Board Member
Barbara Yaltrak. In expanding its asset management business, ADLER has taken
advantage of the many years of experience and the extensive connections of its
management team and employees. "We offer the full value chain, as well as ideal
access to the German real estate market, especially for international clients" continues
Yaltrak.
To this end, ADLER has concluded two agreements with AIG Global Real Estate
Investment (Europe) Ltd., a subsidiary of the world's leading insurance company,
American International Group, Inc. ADLER assumed management of two portfolios with a total value of EUR 136 million, by acquiring a 15% share in potential future appreciation. One of the two portfolios consists of twelve high-quality office buildings
in Berlin, Frankfurt, Munich and other German cities, with a total of 54,000
sqm in leased space. The value of this portfolio is about EUR 78 million. The other
portfolio comprises four high-quality office buildings in good locations in the greater
Munich area, with a total of 35,000 sqm in leased space and a total investment
volume of EUR 58 million.
Already in the preceding year, AIG and ADLER joined forces to acquire Airport
Center Luxembourg, with ADLER assuming a 10% share, as well as asset management
responsibilities. "In addition to our core project development business and
the development of our own portfolio, our Company is built on three pillars, of
which asset management will develop into the most important in the medium term"
says Yaltrak.
"Nevertheless, we are continuing to develop our own real estate portfolio and are
working diligently to complete our ongoing real estate projects" says Harloff. "In
these areas as well, we have not been particularly affected by the US subprime
lending crisis." Unlike most European and North American markets, the German
real estate market is at the beginning of a broad-based upswing. "After years of
declining property values in all regions, we have seen a recovery beginning, as
always, in prime locations in large urban centers" says Harloff. "This trend will solidify,
which will take time, since the German real estate market is so big and so
broad that major changes take a lot of time."
About ADLER Real Estate AG: ADLER Real Estate AG is active in asset management,
building-up of portfolio properties and commercial real estate development. The Company's
core competence consists in value and profit orientated asset management and focuses on
the realization and marketing of high quality real estate projects. Hence, ADLER Real Estate
AG aims to strategic partnership if major projects occur. ADLER Real Estate AG's history
dates back to the renowned Adlerwerke in Frankfurt which were founded in the 19th
century.
If you have any questions, please contact:
german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Tel.: 040/46 88 33 0, Fax: 040/47 81 80
presse@german-communications.com
|
|
|
|
|
|
| | | |
| NEWS |
share price
0,601 € (3.02.2012)
...................................................................
08/12/2011
ADLER Real Estate AG announces share buyback program
27/10/2011
ADLER Real Estate AG Sells Property in Berlin
28/04/2011
ADLER Real Estate AG with clear improvement in results
27/04/2011
ADLER Real Estate AG:
Announcement according to articles 37v,
37w, 37x ff WpHG
27/04/2010
ADLER Real Estate AG:
Announcement according to articles 37v,
37w, 37x ff WpHG
26/03/2010
ADLER Real Estate AG well positioned for 2010
|
|
|
